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The Uniswap price plunged 16% in the last 24 hours to trade at $9.31 as of 03:12 a.m. EST on trading volume that rose 428% to $749 million.
This came after the Securities and Exchange Commission (SEC) filed a Wells Notice against Uniswap, one of the largest decentralized finance (DeFi) platforms. A Wells Notice is a formal notice issued before a charge, giving the defendant time to refute the allegations.
Today Uniswap Labs received a Wells notice from the SEC
And we're ready to fight
This is the latest political effort to target even the best actors in crypto like Uniswap and Coinbase
All Uniswap products and the Uniswap Protocol are unaffectedhttps://t.co/i2p5LubELk
— Uniswap Labs 🦄 (@Uniswap) April 10, 2024
The specific nature of the SEC’s plan to take action against Uniswap were not disclosed. Uniswap has vowed not to go down without a fight.
“I’m not surprised,” said Uniswap founder Hayden Adams in an Apr. 10 post on X. “Just annoyed, disappointed, and ready to fight.”
He anticipates the legal battle to “take years,” while preparing for it to “go all the way to the Supreme Court.”
Uniswap Price On A Downtrend Past The Lower Boundary Of The Falling Wedge
The Uniswap price experienced a swift rise in November and December 2023 before it went through a consolidation phase in January to trade within the $6.0 range. However, at the end of February, the bulls won the fight for dominance, pushing the price to a yearly high of $17.
The bulls have been unable to sustain the bullish stance, as the price went through a downtrend through a falling wedge pattern to the support zone around $10.41. The bears drove the price past the falling wedge’s lower boundary, negating the price’s bullish prospects.
UNI trades below the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the price retracement.
Additionally, the Relative Strength Index (RSI) is past the 30-oversold level, currently at 15, showing that UNI is currently oversold, a sign of intense selling pressure.
Uniswap Price Prediction
The Uniswap price analysis shows that UNI is currently on a downtrend, with the price having crossed the lower boundary of the falling wedge pattern. The falling wedge pattern acts as significant support for the bulls to stage a trend reversal.
Additionally, the RSI has already crossed over to the oversold region, which could signal an incoming price reversal as an oversold asset opens up an opportunity for the bulls to buy more. If the bulls stage a bullish reversal, the price could soar past the falling wedge, with the current target set at $16.0
However, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $11.86, indicating that UNI could continue its downtrend movement. In such a case, $7.2 is the immediate cushion against downward pressure.
As Uniswap’s woes continue, investors are jumping on Solana star Smog as it hints at another CEX listing in the near future.
SMOG Set For a Breakout After 17% Surge Following CEX Listing, Best Crypto To Buy In 2024
The SMOG token, built on the Solana chain, continues its remarkable success journey after a fair launch, particularly following its listing on MEXC.
We're thrilled to announce that the @SMOGToken Kickstarter has concluded and $SMOG will be listed on #MEXC!
🔹Deposit: Opened
🔹SMOG/USDT Trading in the Innovation Zone: 2024-04-04 09:00 (UTC)Details: https://t.co/3ecyvrTv2n pic.twitter.com/kvgoFiYOib
— MEXC (@MEXC_Official) April 4, 2024
Since its listing on MEXC, the token has been on an upward trajectory, experiencing a 17% surge in price over the last 24 hours, reaching $0.124, with a trading volume of $1.08 million.
Smog aims to become the largest new Solana meme coin and has captured much attention via an exciting airdrop campaign on social media managed by Zealy.
This interactive, gamified campaign involved community tasks to earn airdrop points in its first season that ended Apr. 3. The second season that’s now underway focusses more on trading activity.
This strategy has proven successful, with Smog boasting over 110,000 holders and 7.5 million completed Zealy quests. With a total supply of 1.4 billion tokens, 35% were allocated for what it calls the ”greatest airdrop in history.”
Stake Smog For 42% APY, Next 100X Crypto?
Smog also offers a staking opportunity with an annual percentage yield (APY) of 42%, incentivizing token holders to participate in the network and hold their tokens for longer.
Buy or stake your ERC-20 $SMOG #Tokens through our platform. 💰🐉
Staked tokens are securely locked for 90 days, with rewards available for withdrawal at your convenience. 🔒💸
Every token purchased via our service is automatically staked for you. 🔄
— SMOG (@SMOGToken) February 22, 2024
Jacob Bury, who is a popular crypto YouTuber, says that Smog has the potential to be the next 1000X crypto.
The developer has hinted that the listing on MEXC may open the door for another top-tier exchange listing soon that will expose Smog to an even wider investment base.
The best place to buy Smog tokens is on its official website here, where there is a 10% discount while the offer lasts.
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